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 Avoiding Scholarship Scams: Free Search Services The first thing to know about scholarships is that 95 percent of student aid comes from three sources: the federal government, state governments, and colleges and universities. To access this money, students must complete the Free Application for Federal Student Aid and any other forms required by their state and the colleges to which they apply. For more information on these types of aid and the application process, see the other sections in Paying for College. The remaining 5 percent of student aid consists of private student loans from banks and private scholarships. Most private scholarships are relatively small ($500 or less) and come from civic organizations, clubs, and corporations. There are exceptions; in rare cases, a private scholarship might cover a students' total cost of education. Private scholarships usually are awarded on the basis of academic merit or leadership potential and are sometimes restricted to students of certain racial or ethnic backgrounds or who meet other specific criteria. Even if the dollar amounts are small, it makes sense to apply for all private scholarships for which one might qualify. That $500 check could pay for all of one's books. There are many companies that claim to have access to untapped sources of financial aid. For a fee, these organizations will provide information on private scholarships. While some of them provide a legitimate service, many of these companies make unrealistic claims and deliver little in return (see the FinAid web site at www.finaid.org for more information on scholarship scams). Bottom line: if you have to pay money to get money, its probably a scam. Paying for a scholarship search is unnecessary because there are several free search services on the internet that will identify scholarships based on information users provide about their demographic characteristics, extracurricular activities, and academic profile. Use one or more of the web sites below to locate scholarships:
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